Equity strategies

Carmignac Portfolio Emergents

Emerging marketsArticle 9
Share Class

LU0992626480

Grasping promising opportunities within the emerging universe
  • A concentrated and high conviction portfolio seeking high alpha generation across the diversified emerging market universe.
  • A Fund focused on selecting high-quality companies that offer attractive long-term growth prospects, with sound financials and sustainable profitability.
  • A sustainable Fund that aims to positively contribute to the environment and society while seeking to achieve a low carbon footprint.
Key documents
Asset Allocation
Equities96.2 %
Other3.8 %
Data as of:  31 Aug 2026.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 182.9 %
+ 140.4 %
+ 41.7 %
+ 68.2 %
+ 44.5 %
From 15/11/2013
To 04/09/2026
Calendar Year Performance 2025
+ 1.7 %
+ 19.8 %
- 18.2 %
+ 25.5 %
+ 44.9 %
- 10.3 %
- 14.3 %
+ 9.8 %
+ 5.5 %
+ 23.6 %
Net Asset Value
€282.95
Asset Under Management
738 M €
Net Equity Exposure31/08/2026
96,2 %
SFDR - Fund Classification

Article

9
Data as of:  4 Sep 2026.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Hovasse Xavier

Xavier HOVASSE

Head of Emerging Equities, Fund Manager

Naomi WAISTELL

Fund Manager
Source and Copyright: Citywire. Naomi WAISTELL is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 31 July 2026. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
For over 30 years, Carmignac has been a pioneer in emerging markets. The combination of our fundamental financial analysis and our extra-financial approach, strengthened over the years, enables us to navigate emerging markets through our dedicated strategy.
[Management Team] [Author] Hovasse Xavier

Xavier HOVASSE

Head of Emerging Equities, Fund Manager
View Fund's characteristics

Carmignac Portfolio Emergents fund performance

Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.

Our monthly comments

Data as of:  31 Aug 2026.
Fund management team
[Management Team] [Author] Hovasse Xavier

Xavier HOVASSE

Head of Emerging Equities, Fund Manager

Naomi WAISTELL

Fund Manager
Source and Copyright: Citywire. Naomi WAISTELL is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 31 July 2026. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.

Market environment

  • Emerging markets continued to advance in August, gaining 3.4% in USD terms, supported by a broad recovery across Asia. Emerging Asia rose 3.3%, while Latin America declined by 1.2%, resulting in meaningful regional dispersion during the month.
  • North Asian technology markets rebounded strongly following July’s correction. South Korea was the standout performer, with the KOSPI gaining 3.4% in local-currency terms, while Taiwan also benefited from renewed strength across the AI infrastructure and semiconductor value chain.
  • Chinese markets delivered mixed performances as domestic activity continued to soften. Mainland equities rose modestly, while Hong Kong declined. Both manufacturing and non-manufacturing PMIs fell into contraction territory. While policymakers have signaled greater fiscal and counter-cyclical support, he authorities remain reluctant to deploy large-scale stimulus,
  • India declined by 1.5% despite resilient domestic fundamentals, as renewed geopolitical tensions, higher oil and commodity prices and rising inflation weighed on sentiment. Underlying economic activity remained robust, with real GDP expanding by 7.8%, while the current-account deficit remained contained at just 0.5% of GDP despite higher energy prices.
  • Latin America consolidated after its strong July performance. Brazil declined modestly as the presidential campaign moved into focus, with polls continuing to show President Lula ahead of Flávio Bolsonaro but the race tightening and investors increasingly focused on the fiscal implications of the election.

Performance commentary

  • Against this backdrop, the Fund delivered a positive performance, benefiting from the rebound in Asian technology. Active position sizing and the diversification of our exposure towards less crowded segments of the technology value chain also contributed positively.
  • Our Taiwanese holdings were the main contributors to performance, led by Asia Vital Components, Universal Microwave Technology, Delta Electronics, BizLink and Voltronic Power. These companies provide diversified exposure across the AI infrastructure value chain, including cooling, connectivity, power management and semiconductor equipment.
  • Performance was also supported by a broader range of positions beyond technology, including Hyundai Motor in South Korea, Mexican retailer Tiendas BBB, and selected Indian holdings, highlighting the diversification of the Fund’s sources of return.
  • The Fund nevertheless modestly underperformed its reference indicator, primarily due to weakness in some of our Chinese holdings. CATL was the largest detractor, while Vipshop and Tencent also weighed on our performance.

Outlook strategy

  • We remain constructive on emerging-market equities, while maintaining a selective approach and strict valuation discipline. The asset class continues to benefit from stronger earnings growth than developed markets, attractive relative valuations and exposure to structural trends ranging from AI and advanced manufacturing to electrification and power infrastructure.
  • AI hardware remains a core conviction, but our focus is increasingly shifting towards the next bottlenecks in the investment cycle. We continue to diversify beyond memory and compute towards areas such as power, cooling, connectivity, advanced packaging and semiconductor equipment, while retaining exposure to our highest-conviction technology leaders.
  • We also continue to broaden the Fund’s sources of alpha beyond AI and technology. In China, we favour companies exposed to advanced manufacturing and technological self-sufficiency alongside selected consumer and internet franchises. In Latin America, we retain exposure to domestic growth opportunities, while in India we remain underweight but are selectively adding high-quality businesses, notably in the healthcare space, as valuations become more attractive.
  • We continue to actively manage position sizes during the month, adding to SK Square following the correction and selectively increasing Montage Technology, Grand Process Technology and Beike, while taking some profits in Asia Vital Components and Anta Sports after their strong performance.
  • Portfolio balance and valuation discipline remain central to our approach, with risk actively allocated towards the areas where our conviction and expected upside are strongest.

Performance Overview

Data as of:  4 Sep 2026.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
​Morningstar Rating™ :  © YYYY Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
​From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 07/09/2026

Carmignac Portfolio Emergents Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Aug 2026.
Asia85.7%
Latin America13.4%
Eastern Europe0.8%
North America-
View details

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.

Exposure Data

Data as of:  31 Aug 2026.
Equity Investment Weight96.2%
Net Equity Exposure96.2%
Number of Equity Issuers42
Active Share78.4%

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Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
​The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.The Fund’s prospectus, KIDs and annual reports are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, P.O. Box 2259, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
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This document is intended solely for Professional Clients and Market Counterparties, as defined under the applicable rules of the Dubai Financial Services Authority (?DFSA?). It must not be relied upon by, or distributed to, Retail Clients or any other person.
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